The US job market surprised us all last month. Growth exceeded expectations with a whopping 295K jobs added in February alone, decreasing the unemployment rate to 5.5 percent. Down from January’s 5.7 percent, it’s the lowest point since 2008.
So, where are all of the jobs coming from? With 68K new jobs, the Leisure and Hospitality industry takes the cake as the most expanding industry. Information Services, on the other hand, added only 7K jobs making it the least expanding industry.
This is great news for the US economy, but there’s still one factor deterring recovery: wages.
Despite the rapid increase in new jobs, wage gains remain sluggish with minimum wages increasing only $0.03.
See it all below:
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[…] In February of 2015, the national unemployment rate was 5.5 percent. […]